§ 512b-29

512B.29 Suspension, revocation, or refusal of license of foreign or alien society. 1. When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state has exceeded its powers; failed tocomply with a provision of this chapter; failed to fulfill a contract in good faith; or conductedits business fraudulently or in a manner hazardous to its members or creditors or thepublic, the commissioner shall notify the society of the deficiency or deficiencies and statein writing the alleged facts or circumstances constituting a deficiency. The commissionershall at once issue a written notice to the society requiring that the deficiency or deficiencieswhich exist be corrected on or before thirty days from entry of the notice of deficiency.After notice the society has a thirty-day period in which to comply with the commissioner’srequest for correction, and if the society fails to comply the commissioner shall notify thesociety of a finding of noncompliance and require the society to show cause on or before adate named why its license should not be suspended, revoked, or refused.

ply the commissioner shall notify thesociety of a finding of noncompliance and require the society to show cause on or before adate named why its license should not be suspended, revoked, or refused. If, on or beforethe date named, the society does not present good and sufficient reason why its license todo business in this state should not be suspended, revoked, or refused, the commissionermay suspend or refuse the license of the society to do business in this state until evidencesatisfactory to the commissioner is furnished to the commissioner that the suspension orrefusal should be withdrawn or the commissioner may revoke the license of the society todo business in this state. 2. A society whose license to do business in this state is suspended, revoked, or refused pursuant to subsection 1 shall continue in good faith all contracts made in this state during thetime the society was legally authorized to transact business in this state. Lack of authority totransact business within the state is not a defense to an action by a person against the societyto enforce a contract entered into by the society without compliance with this chapter, orprior applicable law.

business within the state is not a defense to an action by a person against the societyto enforce a contract entered into by the society without compliance with this chapter, orprior applicable law. 90 Acts, ch 1148, §30 Sat Dec 23 00:43:25 2023 Iowa Code 2024, Section 512B.29 (16, 0)